Simultaneously, Vietnam's yarn exports increased by 66 per cent year-on-year to $374.401 million. In volume terms, the country saw an 83.7 per cent increase, exporting 161,863 tons of yarn in January 2024. On a month-on-month basis, yarn exports gained 3.7 per cent in terms of value and 4 per cent in terms of volume.
The US remained the primary market for Vietnam's textile and garment exports, accounting for 42.20 per cent, or $1.322 billion, in the first months of the current year. Japan and South Korea were also major markets, with exports totalling $386.689 million and $285.404 million, respectively.
Regarding yarn exports, China received 49.29 per cent of Vietnam's total shipments, amounting to $184.554 million. India was another significant recipient, with shipments valued at $4.840 million in January 2024.
As for the imports, Vietnam's cotton imports reached $289.711 million, a 63.3 per cent rise from January 2023. The imported volume was 146,365 tons during this period, a 109.3 per cent jump year-on-year. The country also imported 106,514 tons of yarn, valued at $222.155 million, reflecting a 63.3 per cent decrease in value and a 75.7 per cent reduction in volume. Additionally, fabric imports totalled $1,175.325 million, up 25.6 per cent.
During the last year 2023, Vietnam's textile and garment sector experienced a decline of around 12 per cent to $36.230 billion. The Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion. In 2022, Vietnam's textile and garment exports grew by 14.7 per cent year-on-year to $37.5 billion but fell short of the $43 billion target. In 2021, exports in this sector amounted to $32.750 billion, a 9.9 per cent increase from 2020's $29.809 billion.
VITAS has reduced the export target of $44 billion for textiles, garments, and yarn for 2024 due to falling export demand in the global market.
ALCHEMPro News Desk (KUL)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!